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petitioner’s lawsuit. Petitioner alleged in “The Facts” that
“First City [Bank] wrongfully demanded, and received, payment of
$2,500,000, under * * * [Gnat Robot Corp.’s] letter of credit,
and thereby triggered a sequence of events that deprived * * *
[petitioner] of his ownership rights in * * * [Modern World] but
left him indebted to third parties based on guarantees directly
related to those ownership rights that were lost”.
On the basis of “The Facts”, in Count I, petitioner alleged
that when First City Bank demanded payment on the letter of
credit, it warranted to all interested parties that $2.5 million
was due and payable by Modern World. Petitioner further alleged
that the $2.5 million was not due and payable and that therefore
First City Bank’s improper demand caused petitioner to lose his
equity interest in Modern World. As to Count II, he alleged that
First City Bank violated certain provisions of the “Texas
Deceptive Trade Practices - Consumer Protection Act”, that First
City Bank breached its warranty made to petitioner, and that
First City Bank “engaged in an unconscionable course of action”.
In Count III, petitioner contended that First City Bank’s
interference with petitioner’s contractual relationship with Gnat
Robot Corp. caused damages to petitioner, including the loss of
his equity rights in Modern World. In Count IV, petitioner
alleged that First City Bank and Mr. White entered into a
conspiracy to place Modern World in bankruptcy proceedings from
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Last modified: May 25, 2011